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U.S. stocks fell, paring gains from the biggest weekly rally in the Standard & Poor’s 500 Index this year, as optimism over Spain’s bailout plan gave way to skepticism it will succeed in halting the debt crisis.
Spain requested as much as 100 billion euros ($125 billion) of European bailout funds to shore up its banking system. The crisis in Spain, coinciding with the prospect of Greece leaving the euro after elections on June 17, roiled markets around the world, sending the euro to an almost two-year low on June 1 and pushing Spanish borrowing costs to near euro-era records.
Financial shares in the S&P 500 reversed a rally of as much as 1.1 percent. Bank of America (ВАС) declined 2.5 percent to $7.38. Morgan Stanley lost 1.1 percent to $13.56.
AK Steel paced a plunge in steelmakers. The shares fell 11 percent, the most since Oct. 25, to $5.19. Sal Tharani, an analyst at Goldman Sachs, cut his rating to sell. Hot-rolled steel, a benchmark product used in autos and appliances, will fall below $600 a ton, he said in a note published yesterday.
Progress Energy Inc. rallied 3.5 percent to $60.19, the highest price since at least 1980. Federal regulators conditionally approved Duke Energy Corp.’s proposal to ease market concentration, clearing the way for its acquisition.
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